Want to prevent the credit bureaus from selling your information?
A loophole in the law now allows the four largest credit bureaus, Equifax, Experian, Trans Union and Innovis to sell your personal and private financial information to any and all lenders both in the US and overseas. The financial information they are selling includes your name, address, phone number (including unlisted phone numbers, credit score, current debt, debt history, property information, age, gender and estimated income. Luckily there is a free and easy way for you to put a stop to this practice.
Have you ever wondered why you receive offers in the mail for credit or insurance which say you are already approved? It is because the credit bureaus have sold all of your personal credit information to these companies. Under the Fair Credit Reporting Act (FCRA), the Credit Reporting Agencies (Experian, Innovis, Equifax and Trans Union) are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you (“Firm Offers”).
As your post-holiday credit card statements arrive in the mail, you´ll probably think about what you spent. But have you thought about how much of your personal and financial information was exposed? Sounds like the perfect time to check your Credit Report!
In the past you had to be careful of the carbons when they “swiped” your credit card. Today credit thieves have a whole new high tech and low tech bag of tricks. The only way to make sure you’re safe is to take precautions and regularly check your credit report for inaccuracies, you know, the key changes on your report that could either indicate identity theft or a reporting error.
Everyone that follows me knows this blog is not about selling you anything. However I do promote what I think is the best and most reliable business credit building program in the country. Excellent BBB rating and a 100% money back guarantee. Anyway, for many the $2000+ up front has always been a push for a lot of people. The company now only requires $995 down and 6 payments of $200. If you are interested in this program, now is the time to enroll. You can contact me at: 303.513.8664
After taking so much time off I’m brain freezing when it comes to penning my usual biz and credit stuff. So lets get the ball rolling again talking about food. Since we last talked I was re-introduced to something I had totally forgotten about…..strawberry cake. Served everywhere in Louisiana, rarely heard of around the rest of the country. Now this is no big secret recipe. Quite frankly, I was at a cajun restaurant here in Denver (yeah we have one good one) and it was on the menu. I begged the proprietor to give me the recipe. Nothing doing so I started an internet search. I tried 3 or 4 and here’s the easiest, cheapest, quickest and tastiest of what I found.
What is the proper measure for creditworthiness in this day and age?
Apparently, it is no longer simply the credit report or the verdict of one’s local banking institution. There are so many individuals who fall short of traditional standards of creditworthiness that the marketplace has naturally made room for non-traditional lenders. Besides the controversial subprime mortgage lending industry that most people are by now familiar with, there is a increasung trend in person-to-person lending organizations. Websites like Prosper.com facilitate lending transactions between individuals and other single or small group benefactors. Using such a service empowers people who may not otherwise receive loan funding to finance their dreams and goals.
Today I’m simply going to give you something for free that should have an immediate impact on your business well being. Go to: http://thesmallbizcollege.com/freeaccess.php. This is a website I created to assist small biz owners in their endeavors. I have over 600 people that have paid membership dues for access so “consider yourself lucky”.
You are welcome to give access to this site to any and all of your friends and business associates. This free link will only work until August 10, 2009.
My best business lessons come from my clients. Central among these lessons is that good businesses make money, but great businesses build communities that make good business possible. “Great businesses” doesn’t mean only big public corporations. Private businesses are not only the foundation of our economy – they are essential to civic infrastructure. No other group of community leaders brings to bear the skills and entrepreneurial drive of the man or woman who owns a business.
A company that invests in its community not just money, but the talent and passion of its people, especially its owners, positions itself to move from being a success to being significant. “Being a good corporate citizen is good for business. Companies that give by donating money, products and services or volunteer time gain recognition by supporting their communities. Corporate giving can increase your company’s visibility, reputation for goodwill and employees’ sense of purpose.” — The Denver Office of Strategic Partnership’s Business Good Citizenship Kit.
Credit reporting issues have caught my attention twice in the last few days. Just today an article in Business Week reports on a Capitol One practice of reporting all small business loans to consumer credit bureaus. Typically business loans would not impact the credit report of the business owner unless the business was delinquent on the loan. Now, for Capitol One borrowers at least, current and performing business loans will end up on the owner’s personal report as well.
How that might impact your personal credit score is beyond me, but it seems that you as a business owner ought to know this is happening and monitor it to understand its implications for you. Yes, I know we all are reminded to monitor our personal scores, but I suspect you, like me, do a spotty job of it (business owners tend to have a better pulse on their business credit).